FRIDAY, SEPTEMBER
4, 1998
Russia's Oligarchs Wield Power
Behind the Scenes
Judith Matloff
Staff writer of The Christian Science Monitor
Any time there is a major political development in Russia, conspiracy
theories swirl about behind-the-scenes maneuverings of tycoons.
These intriguing financiers appeared only over the past five
or six years in the aftermath of the Soviet Union. They have powerful
stakes in industry, media, and finance. Some analysts believe
they may even control half of Russia's economy. Politically, they
also wield great clout, using their newspapers and television
stations to mold public opinion.
Even the mighty are vulnerable to the latest financial collapse,
however. Their media holdings are hurting from the increased cost
of producing newspapers. Their banks are having trouble staying
afloat.
But they are a pragmatic bunch, with a history of putting rivalries
aside to unite in order to survive.
The following are a list of the "Big Seven" and
their financial interests:
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BORIS BEREZOVSKY
(MISHA JAPARIDZE/AP)
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The most visible of the oligarchs is Boris Berezovsky.
He is reportedly the closest of the bunch to President Boris
Yeltsin, and for a time served as secretary of the National
Security Council.
The mathematician-turned-financier's flagship is the LogoVAZ
car dealership. His interests also include Obyedinenny Bank,
Nezavisimaya Gazeta newspaper, and stakes in the oil firm
Sibneft and the ORT television station. Mr. Berezovsky gets
access to Mr. Yeltsin through his friendships with the president's
daughter, Tatyana Dychenko, Yeltsin's chief of staff, Valentin
Yumashev, and Yeltsin's designate for prime minister, Viktor
Chernomyrdin.
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VLADIMIR POTANIN
(ALEXANDER ZEMLIANICHENKO/AP)
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One of Berezovsky's main rivals is Vladimir Potanin. He
is the country's leading newspaper magnate, with such publications
as Trud, Russky Telegraf, Izvestia, Komsolmolskaya Pravda,
Rabochaya Tribuna, and Expert magazine. Potanin also controls
Europa Plus radio.
He claims MFK Renaissance and Uneximbank. Since its founding
in 1993, Uneximbank has become Russia's largest privately
owned bank.
He has been close to Anatoly Chubais, Russia's former top
foreign debt negotiator, and from August 1996 to March 1997
was first deputy prime minister.
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ALEXANDER SMOLENSKY
(VIKTOR KOROTAYEV)
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Alexander Smolensky was hit hard in the latest bank shake-up.
His SBS-Agro was nationalized last week. Its main interests
are - or were - in retail banking and insurance. His media
interests comprise the business newspaper Kommersant Daily,
shares in ORT television station, and the Novaya Gazeta
newspaper. Smolensky's SBS group also has stakes in mines
and ore.
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MIKHAIL FRIDMAN
(AP)
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Mikhail Fridman and Pyotyr Aven are the masters of the
Alfa group, which spans banking, cement, art dealing, and
investment banking. The empire spans Alfa Bank, Alfa Capital,
Alfa Estate, the oil firm Alfa Eco, and Alfa Art.
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VLADIMIR GUSINSKY
(AP)
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Vladimir Gusinsky heads MOST-Bank and has powerful media holdings,
which include 7 Days publishing house, Sevodnya newspaper,
Itogi news magazine, part of NTV television station, and Ekho
Moskvy radio. He is president of the Rus-sian Jewish Congress
and is friendly with Moscow Mayor Yuri Luzhkov.
Mikhail Khodorovsky aligned his Bank Menatep to Uneximbank.
He owns industrial holdings and Independent Media, which
groups such publications as The Moscow Times, Capital, and
Russian versions of Playboy and Cosmopolitan.
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